Solana Price Drops 20% to $130 While Network Activity Remains Steady
Solana's price opened below $135 on June 23, down 20% from its peak on June 12. Key metrics indicate potential for a local rebound.
Network Performance Amid Price Drop
- Price briefly dipped to $130; transaction throughput remained stable at 3,796 TPS, only a 13% decline from the peak of 4,370 TPS.
- Strong demand for blockspace persists despite the price drop from $163 to $133.
- Divergences between price and network activity may indicate undervaluation.
Price Predictions
- On the 4-hour chart, Solana has reclaimed levels above $136, indicating a possible bullish reversal.
- Indicators like Parabolic SAR and MACD suggest short-term bullish sentiment.
- If SOL closes above $140, targets could extend to $147 and potentially $155, depending on macro sentiment.
- A failure to maintain above $136 might lead to a retest of the $130 level.
Interest in Solana Memecoins
- Investor focus is shifting towards Solana-based memecoins, including Snorter Bot ($SNORT).
- Snorter Bot offers tools for identifying trending tokens with low fees and fast transactions.
- The current market conditions may favor $SNORT as a potential breakout token.